RDP 9306: Inventories and the Business Cycle Appendix 1: Data

• Data on domestic final demand, private non-farm stocks and gross domestic product in Graph 1 and Tables 1 and 4 come from Australian National Accounts, National Income and Expenditure, (5206.0), Australian Bureau of Statistics. Domestic final demand is derived as the sum of all final consumption expenditure and gross fixed capital expenditure. Data are at constant 1984/85 prices and are seasonally-adjusted.
• The private non-farm stocks to sales ratio in Graph 2 also comes from the Australian National Accounts, National Income and Expenditure (5206.0). Prior to September 1969 imports rather than endogenous imports are used in the derivation of sales.
• Manufacturing and retail trade stocks and manufacturers' sales in Graph 3 come from Stocks, Manufacturers' Sales and Expected Sales (5629.0), Australian Bureau of Statistics. Retail sales come from Retail Trade Australia (8501.0), Australian Bureau of Statistics. Data are seasonally-adjusted and at 1984/85 prices.
• Data at the sectoral level in Table 2 are from Stocks, Manufacturers' Sales and Expected Sales (5629.0), Australian Bureau of Statistics and are seasonally-adjusted, at 1984/85 prices. The ‘stage of processing’ breakdown of manufacturing comes from unpublished data available in an unadjusted current price form from the ABS. We seasonally adjusted these series using the X11 package and deflated each series by the implied manufacturing stocks deflator.
• Retail trade sales in Table 3 are from Retail Trade Australia (8501.0), Australian Bureau of Statistics. Manufacturing sales and components, as well as retail stocks, are from Stocks, Manufacturers' Sales and Expected Sales (5629.0), Australian Bureau of Statistics. These data are seasonally-adjusted and at 1984/85 prices. Inventory investment data are for finished goods stocks only and are based on unpublished data from the ABS. The ABS data are not seasonally-adjusted and are at current prices. We have deflated and seasonally-adjusted these in the manner described above for ‘stage of processing’ data. Output is calculated as sales plus the increase in stocks.
• The survey data are from the ‘Survey of Industrial Trends’ currently undertaken by the Australian Chamber of Commerce and Industry and Westpac Banking Corporation.